Socialism thy name is Barack Hussein Obama:
Mr. Obama unveiled much of his economic strategy in Wisconsin this week: He wants to spend $150 billion on a green-energy plan. He wants to establish an infrastructure investment bank to the tune of $60 billion. He wants to expand health insurance by roughly $65 billion. He wants to “reopen” trade deals, which is another way of saying he wants to raise the barriers to free trade.
He intends to regulate the profits for drug companies, health insurers, and energy firms. He wants to establish a mortgage-interest tax credit. He wants to double the number of workers receiving the earned income tax credit, the EITC, and triple the EITC benefit for minimum-wage workers. The Obama spend-o-meter is now up around $800 billion. And tax hikes on the rich won’t pay for it. It’s the middle class that will ultimately shoulder this fiscal burden in terms of higher taxes and lower growth.
This isn’t free enterprise. It’s old-fashioned-liberal tax, and spend, and regulate. It’s plain ol’ big government. The only people who will benefit are the central planners in Washington.
The Wall Street Journal’s Steve Moore has done the math on Mr. Obama’s tax plan. He says it will add up to a 39.6% personal income tax, a 52.2% combined income and payroll tax, a 28% capital-gains tax, a 39.6% dividends tax, and a 55% estate tax.
Not only is Mr. Obama the big-spending candidate, he’s also the very-high-tax candidate. And what he wants to tax is capital. Doesn’t Senator Obama understand the vital role of capital formation in creating businesses and jobs? Doesn’t he understand that without capital, businesses can’t expand their operations and hire more workers?
Dan Henninger, writing in Thursday’s Wall Street Journal, notes that Mr. Obama’s is a profoundly pessimistic message. “Strip away the new coat of paint from the Obama message and what you find is not only familiar,” Mr. Henninger writes. “It’s a downer.”
Its the same ole’ take from the rich and give to the poor routine which does nothing but bring our economy further down into the sewers. Take a good look at Carters presidency to see it in action, and make no bones about it, this man is the second coming of Jimmy Carter. He ignores capitalism, incentives for entrepreneurs and investors and the basic premise that if the taxpayer has more money in his pocket to spend, more money will come into government.
It’s pure anti-growth hogwash. Pure Socialist drivel.
But he gains popularity as he stays abstract. Hope, change, and all that jazz. Once he releases his plans, like he did with this economic paper, we see him for what he is.
Seriously, we all want great schools and affordable health care. We all want a clean environment and an end to crime and war. Conservatives and liberals alike want all that but the difference is that conservatives live in a reality based world while the liberal lives in some abstract reality where everything and everyone will live in harmony if we only break the big oil conspiracy, or the war conglomerate conspiracy….name your conspiracy and they live in it.
The conundrum is that their conspiracies all involve big government but their solutions to the problem is….more big government. Conservatives on the whole want less government in our lives. The more they stay out of the way the more our society prospers.
Obama has been successful up to now because his agenda has stayed hidden. At some point his real face will be exposed to the country and hopefully he will be rejected. But I look at Jimmy Carter and wonder ‘will it be too late’? By the time the country is exposed to the real Obama will he already be in office?